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| Thanks to those who took the time to offer advice on my uncle's farm. I got some good insight on the questions I should be asking. I did follow up with lawyer yesterday. As it turns out, his management fee included the acres in Missouri (about 300) so the total fee makes sense to me. The lawyer had all the production records for the past 7 years (since my uncle had his stroke). The lawyer also had the fertility and soil testing records as well. The lawyer requires a replacement level of fertilizer at the 220 bushel corn and 65 bushel soybean level. The latest soil test for the fields shows as average of 35 P and 195 K. The ph level is 6.8 across the 3 fields. The lawyer sent me the maps and all the payment receipts from the sale of soybeans and corn for last seven years.
The lawyer said that he has changed operators in the past because the first operator did not agree with the fertility requirement in the lease, and the first operator would not supply yield map information. The current operator does do both of these.
I have a conversation with current operator yesterday. It was a good talk. We decided to renew the lease for another year, the three fields will all be soybeans this year. The operator says he thinks he can get "seed" beans on these acres, which sounds like a good deal. We did leave it open as to the exact terms of the lease, lawyer suggests going to 75% crop rent with me paying all the inputs and giving the operator 25% for his time and equipment. What do you guys think? | |
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Update to Uncles Farm-Got Some Good Info
